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Energy Minerals

CNOOC Ltd.

Company Background

CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.

CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.

The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.

In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.

In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.

Business Summary

CNOOC Ltd. is an investment holding company, which engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products through its subsidiaries. It operates through the following segments: Exploration and Production, Trading Business, and Corporate. Its core operations areas is comprised of Bohai, Western South China Sea, Eastern South China Sea, East China Sea, Asia, Africa, South America, North America, Oceania, and Europe. The company was founded on August 20, 1999 and is headquartered in Hong Kong.

Financial Highlights

Dec 2021 HKDUSD
Revenue293,468.86M37,755.69M
Gross Profit153,201.59M19,709.86M
Operating income128,896.10M16,582.89M
Income before tax115,067.51M14,803.79M
Net income84,750.43M10,903.41M
EBITDA201,276.25M25,894.82M
Diluted EPS1.830.23
Dividends Per Share0.300.03
Total Assets962,182.82M123,415.31M
Total liabilities372,598.14M47,791.66M
Total equity588,283.12M75,456.70M
Operating cash flow174,101.15M22,398.66M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 214,860.44M 266,634.78M 263,414.46M 174,501.71M 293,468.86M
Gross Profit 75,856.97M 119,195.14M 119,849.30M 66,116.99M 153,201.59M
Operating income 59,065.72M 99,012.05M 100,300.58M 49,797.59M 128,896.10M
Income before tax 41,922.78M 95,163.76M 95,982.62M 39,934.93M 115,067.51M
Net income 28,454.72M 62,391.10M 69,219.93M 28,042.89M 84,750.43M
EBITDA 130,342.63M 162,259.52M 168,894.59M 111,535.55M 201,276.25M
Diluted EPS -- -- 1.50 0.60 1.83
Dividends Per Share 0.50 0.70 0.78 0.45 0.30
Total Assets 740,937.66M 782,719.47M 847,594.41M 855,172.65M 962,182.82M
Total liabilities 284,798.45M 303,872.10M 346,210.87M 340,687.79M 372,598.14M
Total equity 456,139.21M 478,835.96M 501,339.91M 514,221.65M 588,283.12M
Operating cash flow 106,575.20M 145,712.70M 139,098.66M 91,918.11M 174,101.15M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 27,571.60M 34,020.19M 33,619.37M 22,498.94M 37,755.69M
Gross Profit 9,734.21M 15,208.22M 15,296.26M 8,524.63M 19,709.86M
Operating income 7,579.50M 12,633.04M 12,801.28M 6,420.52M 16,582.89M
Income before tax 5,379.66M 12,142.03M 12,250.18M 5,148.91M 14,803.79M
Net income 3,651.40M 7,960.54M 8,834.48M 3,615.64M 10,903.41M
EBITDA 16,725.99M 20,702.84M 21,555.88M 14,380.56M 25,894.82M
Diluted EPS -- -- 0.19 0.07 0.23
Dividends Per Share 0.06 0.08 0.09 0.05 0.03
Total Assets 94,781.78M 99,972.47M 108,780.30M 110,290.07M 123,415.31M
Total liabilities 36,431.81M 38,811.92M 44,432.72M 43,937.88M 47,791.66M
Total equity 58,349.96M 61,159.09M 64,341.99M 66,318.23M 75,456.70M
Operating cash flow 13,676.08M 18,591.62M 17,753.05M 11,851.23M 22,398.66M

Valuation Measures

Dec 2021
PER4.37
ROA9.32%
ROE15.37%
Operating margin43.92%
Profit margin28.87%

Key executives

  • Chief Executive Officer & Executive Director: Xin Huai Zhou
  • President & Executive Director: Qing Long Xia
  • Chief Financial Officer: Wei Zhi Xie
  • Joint Secretary & Compliance Officer: Xiaonan Wu
  • Vice President: Hongtao Yan

Shareholders

  • China State-Owned Assets Supervision & Admn Commission (64.4%)
  • State Street Global Advisors Asia Ltd. (0.3%)
  • Hang Seng Investment Management Ltd. (0.2%)
  • Zhong Geng Fund Management Co. , Ltd. (0.2%)
  • Skagen AS (Investment Management) (0.1%)
  • Essence Fund Co., Ltd. (0.1%)
  • Baillie Gifford & Co. (0.1%)
  • HSBC Global Asset Management (Hong Kong) Ltd. (0.1%)
  • Fullgoal Fund Management Co., Ltd. (0.0%)
  • Principal Asset Management (S) Pte Ltd. (0.0%)

Contact Details

  • Website:http://www.cnoocltd.com
  • Address: Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
  • Phone: +852.2213.2500

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Competitors

  • Eco (Atlantic) Oil & Gas Ltd.
  • Imperial Oil Limited
  • Cenovus Energy Inc.
  • CGX Energy Inc.
  • Indonesia Energy Corporation Limited
  • Jersey Oil & Gas PLC
  • Hubei Guochuang Hi-Tech Material Co ltd Class A
  • Longhua Technology Group (Luoyang) Co,. Ltd. Class A
  • Trinity Exploration & Production Plc
  • Vista Energy SAB de CV Class A
Last Updated on 3 Oct, 2022

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